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A RESOLUTION WITH RESPECT TO AN AMENDMENT TO THE DOWNTOWN TAX INCREMENT FINANCE DISTRICT REDEVELOPMENT PLAN AND PROJECT, ESTABLISHING THE DATES FOR A PUBLIC HEARING AND JOINT REVIEW BOARD, AND OTHER MATTERS WITH RESPECT TO THE VILLAGE OF ROMEOVILLE DOWNTOWN TIF
("DOWNTOWN TIF")
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WHEREAS, the Village of Romeoville is a duly organized home rule municipality under and by virtue of the Constitution and Statutes of the State of Illinois (the "Village"); and
WHEREAS, the Village is authorized to take various actions with respect to redevelopment of property within its borders; and
WHEREAS, by Ordinance No. 05-0241, the Village approved a Redevelopment Plan and Project for a Redevelopment Project Area known as the Downtown TIF District; and
WHEREAS, by Ordinance No. 05-0240, the Village designated the Downtown TIF as a Redevelopment Project Area; and
WHEREAS, by Ordinance No. 05-0243, the Village adopted Tax Increment Financing for the Downtown TIF; and
WHEREAS, the Illinois General Assembly recently adopted legislation signed into law by the Governor as Public Act 101-0274 which authorizes the Village to extend the completion date for Redevelopment Projects within the Downtown TIF for a period of twelve (12) years; and
WHEREAS, each taxing district having taxable property within the Downtown TIF supported the legislation adopted by Public Act 101-0274; and
WHEREAS, it is in the best interest of the Village to extend the term of completing projects and retiring obligations for Redevelopment Projects within the Downtown TIF for a period of twelve (12) years thereby extending the term of the Downtown TIF for that period; and
WHEREAS, it is in the best interest of the Downtown TIF to increase the budget for Redevelopment Projects and adjust the projections for the equalized assessed valuation of the District within said Downtown TIF; and
WHEREAS, the Redevelopment Plan and Project was previously amended by Ordinance No. 06-0423 ado...
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